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MARKET COMMENT by Gautam Duggad, Head of Research, Motilal Oswal Institutional Equities
Sensex crossed all-time high on the back of global cues as well as solid start to earnings season with TCS beating expectations. The divergence between large-caps and mid-caps has widened in 2018 with mid-cap and small-cap indices still down 15-20% from the top. Even within Nifty - select high quality stocks with earnings visibility are driving the index with TCS, HDFC Bank, HUL, Reliance being the key outperformers in YTD CY18.
We expect the markets to remain in a tight range albeit with higher volatility in 2018 given the busy political calendar ahead. Our relative preference stays with large caps as midcaps are still trading at premium to largecaps.
RIL settled 4.05% higher at Rs 1,080.90 on the NSE
Nifty PSU Bank index settles 1.12% higher. Top gainers:
COMPANY
LATEST
PREV CLOSE
GAIN()
GAIN(%)
BANK OF BARODA
118.80
116.20
2.60
2.24
ST BK OF INDIA
262.05
259.10
2.95
1.14
PUNJAB NATL.BANK
75.85
75.55
0.30
0.40
Nifty sectoral performers of the day
BSE Sensex: RIL is top gainer of the day, ending 4.33% higher
Market at close
The S&P BSE Sensex ended at record closing high of 36,548, up 282 points, surpassing previous closing high of 36,283 on January 29, 2018 while the broader Nifty50 index settled at 11,023, up 75 points.

Sensex ended at record closing high on Thursday, driven by gains in financial and energy stocks as optimism around corporate earnings and stronger Asian shares boosted sentiment. The broader Nifty50 index also ended above its crucial 11,000-mark.

The S&P BSE Sensex ended at record closing high of 36,548, up 282 points, surpassing previous closing high of 36,283 on January 29, 2018 while the broader Nifty50 index settled at 11,023, up 75 points.

In intra-day, the S&P BSE Sensex hit a record high of 36,699.53 levels surpassing its previous high of 36,444 recorded on January 29, 2018 in intra-day deals led by gains in RIL, Wipro HDFc and L&T, up in the range of 1.9 per cent to 5 per cent.

Among individual stocks, RIL's m-cap crossed $100-bn mark in intra-day trade today, after hitting a new high. It became the second Indian company to cross the milestone after TCS.

Nifty PSU Bank index was the biggest sectoral gainer of the day, up over 1%, with Bank od Baroda and SBI gaining 2.2% and 1.1% respectively.

Meanwhile, investors await May industrial growth (IIP) data and June retail inflation (CPI) data due later in the day.

GLOBAL MARKETS

In global markets, Asian stocks and commodities recovered slightly on Thursday as markets tried to consolidate from the previous session's steep losses when fears of an escalation in the US-China trade war jolted investor sentiment.

MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.05 per cent. The index slumped 1 per cent on Wednesday along with a slide in global equities after US President Donald Trump's threat to imposing tariffs on another $200 billion of Chinese goods deepened the trade row between the world's two largest economies. Hong Kong's Hang Seng rose 0.2 per cent and the Shanghai Composite Index bounced 1.1 per cent. South Korea's KOSPI added 0.35 per cent and Japan's Nikkei gained 1.1 per cent.

Sensex ended at record closing high on Thursday, driven by gains in financial and energy stocks

Sensex ended at record closing high on Thursday, driven by gains in financial and energy stocks as optimism around corporate earnings and stronger Asian shares boosted sentiment. The broader Nifty50 index also ended above its crucial 11,000-mark.

The S&P BSE Sensex ended at record closing high of 36,548, up 282 points, surpassing previous closing high of 36,283 on January 29, 2018 while the broader Nifty50 index settled at 11,023, up 75 points.

In intra-day, the S&P BSE Sensex hit a record high of 36,699.53 levels surpassing its previous high of 36,444 recorded on January 29, 2018 in intra-day deals led by gains in RIL, Wipro HDFc and L&T, up in the range of 1.9 per cent to 5 per cent.

Among individual stocks, RIL's m-cap crossed $100-bn mark in intra-day trade today, after hitting a new high. It became the second Indian company to cross the milestone after TCS.

Nifty PSU Bank index was the biggest sectoral gainer of the day, up over 1%, with Bank od Baroda and SBI gaining 2.2% and 1.1% respectively.

Meanwhile, investors await May industrial growth (IIP) data and June retail inflation (CPI) data due later in the day.

GLOBAL MARKETS

In global markets, Asian stocks and commodities recovered slightly on Thursday as markets tried to consolidate from the previous session's steep losses when fears of an escalation in the US-China trade war jolted investor sentiment.

MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.05 per cent. The index slumped 1 per cent on Wednesday along with a slide in global equities after US President Donald Trump's threat to imposing tariffs on another $200 billion of Chinese goods deepened the trade row between the world's two largest economies. Hong Kong's Hang Seng rose 0.2 per cent and the Shanghai Composite Index bounced 1.1 per cent. South Korea's KOSPI added 0.35 per cent and Japan's Nikkei gained 1.1 per cent.